Slides
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2026 Marcus & Millichap Earnings Conference Call August 6 , 2026 Second Quarter 2026
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This presentation includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market and our positioning within it, our belief relating to the Company’s long- term growth, our assessment of the key factors influencing the Company’s business outlook, including the expectation for future interest rate cuts or rising inflation and likely impact of such cuts or inflation on commercial real estate demand and the execution of our capital return program, including a semi-annual dividend and the stock repurchase program. Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “will,” “continue,” “predict,” “potential,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend,” “goal,” “well-positioned,” and similar expressions constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance expressed in or suggested by forward-looking statements in this presentation. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this presentation and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Important factors that could cause such differences include, but are not limited to: (1) general uncertainty in the capital markets, a worsening of economic conditions, and the rate and pace of economic recovery following an economic downturn; (2) changes in our business operations; (3) market trends in the commercial real estate market or the general economy, including the impact of inflation and changes to interest rates; (4) our ability to attract and retain qualified senior executives, managers and investment sales and financing professionals; (5) the impact of forgivable loans and related expense resulting from the recruitment and retention of agents; (6) the impact of litigation and our success in appealing any judgments entered against us; (7) the effects of increased competition on our business; (8) our ability to successfully enter new markets or increase our market share; (9) our ability to successfully expand our services and businesses and to manage any such expansions; (10) our ability to retain existing clients and develop new clients; (11) our ability to keep pace with changes in technology; (12) any business interruption or technology failure, including cybersecurity risks and ransomware attacks, and any related impact on our brand reputation or clients; (13) the failure to maintain the security of our information and technology networks, including personally identifiable and client information; (14) changes in interest rates, availability of capital, tax laws, tariffs and trade regulations, executive orders, employment laws, or other government regulation affecting our business; (15) our ability to successfully identify, negotiate, execute and integrate accretive acquisitions; and (16) other risk factors included under “Risk Factors” in our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q or in any subsequent SEC report. FORWARD-LOOKING STATEMENTS 2
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CONFERENCE CALL PARTICIPANTS Hessam Nadji President, Chief Executive Officer and Director Steve DeGennaro Chief Financial Officer 3
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MMI Financial Highlights
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2026 SECOND QUARTER HIGHLIGHTS Financial Highlights YoY Revenue $202.9 million 17.8% Net Income $3.9 million 135.4% Adjusted EBITDA $12.1 million 732.6% Operational Highlights YoY Sales Volume $14.1 billion 14.3% Transaction Closings 2,306 11.4% Number of Investment Sales and Financing Professionals as of June 30, 2026 1,677 2.3% 5
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2026 YEAR TO DATE HIGHLIGHTS Financial Highlights YoY Revenue $374.4 million 18.0% Net Income $0.8 million 105.2% Adjusted EBITDA $15.1 million 306.8% Operational Highlights YoY Sales Volume $26.2 billion 20.7% Transaction Closings 4,328 14.6% Number of Investment Sales and Financing Professionals as of June 30, 2026 1,677 2.3% 6
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2026 SECOND QUARTER BROKERAGE HIGHLIGHTS Quarter Highlights YoY Sales Volume $9.5 billion 18.4% Transaction Closings 1,530 11.3% Number of Investment Sales Professionals as of June 30, 2026 1,575 2.3% Real Estate Brokerage Commissions Revenue $167.0 million 18.1% Revenue by Transaction Size Transactions by Property Type Transactions by Region 7 <$1M, 4% $1-$10M, 63% $10- $20M, 13% $20M+, 20% Multifamily, 32% Retail, 39% Office, 6% Other, 23% Western, 37% Midwest / Mountain / South / Southwest, 33% Southeast, 18% Northeast / Mid-Atlantic, 12%
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2026 YEAR TO DATE BROKERAGE HIGHLIGHTS Year-to-date Highlights YoY Sales Volume $17.4 billion 18.5% Transaction Closings 2,878 12.9% Number of Investment Sales Professionals as of June 30, 2026 1,575 2.3% Real Estate Brokerage Commissions Revenue $305.1 million 15.1% Revenue by Transaction Size Transactions by Property Type Transactions by Region 8 <$1M, 4% $1-$10M, 63% $10- $20M, 14% $20M+, 19% Multifamily, 30% Retail, 40% Office, 7% Other, 23% Western, 35% Midwest / Mountain / South / Southwest, 34% Southeast, 19% Northeast / Mid-Atlantic, 12%
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2026 SECOND QUARTER FINANCING HIGHLIGHTS Transactions by Property Type Transactions by Region Quarter Highlights YoY Sales Volume $3.6 billion 5.4% Transaction Closings 480 17.4% Number of Financing Professionals as of June 30, 2026 102 2.0% Financing Fees Revenue $30.3 million 15.3% 9 Multifamily, 51% Retail, 24% Office, 6% Other, 19% Western, 45% Midwest / Mountain / South / Southwest, 34% Southeast, 10% Northeast / Mid-Atlantic, 11%
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2026 YEAR TO DATE FINANCING HIGHLIGHTS Transactions by Property Type Transactions by Region Year-to-date Highlights YoY Sales Volume $6.7 billion 25.2% Transaction Closings 878 17.7% Number of Financing Professionals as of June 30, 2026 102 2.0% Financing Fees Revenue $57.1 million 28.7% 10 Multifamily, 50% Retail, 26% Office, 8% Other, 16% Western, 46% Midwest / Mountain / South / Southwest, 33% Southeast, 11% Northeast / Mid-Atlantic, 10%
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Market Highlights
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20102011201220132014201520162017201820192020202120222023202420252026* -10 -5 0 5 10 Employment Growth (Millions) * Forecast per Economy.com ** Through June 2026 Sources: BLS, Moody’s Analytics Annual Employment Growth Unemployment Rate WHILE JOB GAINS HAVE SLOWED, UNEMPLOYMENT REMAINS LOW; MACROECONOMIC AND GEOPOLITICAL RISKS ELEVATED 2021 2022 2023 2024 2025 2026** 3% 4% 5% 6% 7% Unemployment Rate 12 2023: 2.5M 2024: 1.5M 2025: 116K 2026*: 800K
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Rate * Through June 2026 Sources: BLS, Federal Reserve, BEA HEADLINE INFLATION TRENDING HIGHER; GEOPOLITICAL CONFLICT AND TARIFFS POSE ADDITIONAL INFLATION RISK, KEEPING FED CAUTIOUS 13 Inflation vs. 10-Year Treasury CPI Inflation 10-Year Treasury Core PCE 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* 0.0% 2.5% 5.0% 7.5% 10.0%
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Rate Fed Holdings (Trillions June 2026 Dollars) 10-Year Treasury Fed Funds Rate 20162017201820192020202120222023202420252026* 0.0% 1.5% 3.0% 4.5% 6.0% Notes & Bonds MBS TIPS/TIPS Inflation Compensation/Agencies/Bills 2008200920102011201220132014201520162017201820192020202120222023202420252026* 0.0 2.5 5.0 7.5 10.0 10-Year Treasury vs. Fed Funds Rate Inflation-adjusted Fed Balance Sheet * Through July 30, 2026; Fed balance sheet through July 29, 2026 Adjusted for inflation using Core PCE Sources: Real Capital Analytics, Federal Reserve FED RATE POLICY BALANCING INFLATION PRESSURE WITH SLOW EMPLOYMENT GROWTH; 10-YEAR TREASURY HAS DRIFTED HIGHER 14
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Percent of Dollar Volume * Trailing 12-months through 2Q 2026 Includes sales $2.5 million and greater for multifamily, retail, office, industrial, hotel, seniors housing, and land Source: MSCI Real Capital Analytics 41% 39% 46% 47% 45% 50% 51% 52% 58% 60% 55% 57% 56% 10% 17% 14% 12% 18% 9% 10% 10% 7% 10% 8% 6% 6% 27% 27% 27% 25% 26% 28% 24% 26% 25% 18% 21% 25% 25% 17% 13% 9% 12% 7% 9% 10% 9% 7% 6% 9% 5% 7% 5% 4% 4% 4% 4% 4% 5% 3% 3% 6% 7% 7% 6% User/Other REIT/Listed Institutional Cross-Border Private 14 15 16 17 18 19 20 21 22 23 24 25 26* 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% PRIVATE INVESTORS DOMINATE U.S. COMMERCIAL REAL ESTATE; INSTITUTIONAL INVESTORS MORE HESITANT IN CURRENT WINDOW PRIVATE INVESTORS DOMINATE U.S. COMMERCIAL REAL ESTATE; INSTITUTIONAL INVESTOR ACTIVITY STABILIZING NEAR HISTORICAL NORM 15
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• Wage gains and robust savings have sustained retail sales; despite expectations of a slowdown, consumer strength remains positive. • Uncertainty surrounding trade policy, inflation, interest rates, shipping costs and economic slowing weighs on industrial and retail space demand but has not impacted other sectors. • Office leasing recovering more rapidly due to push for return to office. Wide market variation by property class and urban vs. suburban location. • Apartment rental demand gained momentum following soft second half of 2025. Record new construction pulling back dramatically, renter demand sustained by affordability gap. • Retail absorption tapering as cautious retailers slow leasing pace, but vacancy remains near historical average. Industrial demand moderate, but positive. DRA Y-O-Y Percent Change Core Retail Sales Growth Trends Net Absorption (000s of Units.) Space Absorption Trends * Through June 2026 ** Preliminary estimate for trailing 12-months through 2Q 2026 Sources: U.S. Census Bureau, CoStar Group, Inc., RealPage, Inc. Multifamily -200 0 200 400 600 800 CORE RETAIL SALES REMAIN HEALTHY; SPACE DEMAND POSITIVE FOR MOST PROPERTY TYPES 21 22 23 24 25 26** Retail Office -30 0 30 60 90 120 Net Absorption (Mi. of SqFt) 16 2023 2024 2025 2026* 0.0% 2.5% 5.0% 7.5% 10.0% Industrial 0 120 240 360 480 600
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PROPERTY FUNDAMENTALS GENERALLY SOUND BY HISTORICAL STANDARDS • Multifamily and industrial aggressively delivered record new completions over the past few years, but seeing significant pullback. Over-supply limited to select local markets with heavy construction. • Pullback in multifamily construction a positive force for 2027 and 2028, especially in growth markets such as Texas, Florida, and Georgia. Operations challenged by insurance, labor costs and limited pricing power. • Companies boosted inventories ahead of tariffs, sustaining positive industrial space demand. Some overbuilding evident in select metros after construction surge post-pandemic. • Hospitality sector facing reduced demand as international tourism slows, outlook remains clouded by trade policy, elevated fuel costs and weakening economic momentum. • Shopping centers remain a top choice due to limited new supply, years of recalibration; single-tenant transaction velocity gaining momentum. • Office occupancy rising modestly; further push for return to the office constructive, although tenants remain cautious due to economic uncertainty. • Retail and office new supply pipeline remain low by historical standards. Occupancy Trends Occupancy (%) Construction Trends Completions as % of Inventory * Preliminary estimate through 2Q 2026; trailing 12-months through 2Q 2026 for construction Sources: CoStar Group, Inc., RealPage, Inc. 10-20 Avg.2021 2022 2023 2024 2025 2026* Multifamily Retail Office Industrial 80% 85% 90% 95% 100% 10-20 Avg.2021 2022 2023 2024 2025 2026* Multifamily Retail Office Industrial 0.0% 0.8% 1.6% 2.4% 3.2% 17
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• With the exception of office and self-storage properties, rent growth and appreciation has been healthy over the past 5-7 years. • These factors should mitigate systemic risk to banks and other lenders. • Office experiencing the greatest uncertainty as the segment still faces significant maturities this year, while rent growth lags. • While lenders have favored workouts and extensions of loans, many are becoming more assertive, supporting property sales and refinance activity. • Lending liquidity through traditional sources and debt funds has improved; banks/credit unions becoming increasingly active. • After widening at the outset of the Middle East conflict, lender spreads narrowed. Fed rate policy for 2026 remains in question amid elevated inflation and new Fed leadership. • Many properties facing situational distress from maturing loans, operational issues. Recapitalizations and delayed sales requiring greater price adjustments. Dollar Volume (Billions) Commercial Real Estate Loan Maturities* Five-Year Rent Growth: 2Q 2021 to 2Q 2026** * For loans outstanding as of 2025 ** Trailing 12-month ADR for Hotel from June 2021 through June 2026 Sources: CoStar Group, Inc., RealPage, Inc., Yardi Matrix, Mortgage Bankers Association MATURING CRE LOAN VOLUME UNLIKELY TO BE DISRUPTIVE; LENDERS BEGINNING TO REDUCE LENIENCY; RISKS VARY BY PROPERTY TYPE Other Healthcare Hotel Industrial Office Retail Multifamily 26 27 28 29 30 31 32 33 34 35 Later 0 250 500 750 1,000 55.0% 31.1% 27.2% 16.4% 4.9% (5.5)% Hotel IndustrialApartment Retail Office Self- Storage (20)% 0% 20% 40% 60% Rent Growth 18
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• Transaction count in 1H 2026 increased an estimated 10% year-over-year, while dollar volume rose an estimated 23% year- over-year. • The Federal Reserve’s ‘higher for longer’ rate policy has gradually recalibrated CRE values, with more realistic seller expectations emerging. • Financing options expanding as more lenders become active, but lenders remain cautious in underwriting and terms. • The Federal Reserve increasingly opaque about future rate policy. Mounting inflationary pressure and new Federal Reserve leadership could recalibrate policy. Market has largely adjusted to the current interest rate climate. • New tax law brought additional clarity to investors; bonus depreciation and permanence of new tax rules helping foster investment activity. CRE TRANSACTION FLOW GAINING MOMENTUM, BUT UNCERTAINTY STILL WEIGHING ON RECOVERY Quarterly U.S. Commercial Real Estate Sales and Interest Rates(1) Annual U.S. Commercial Real Estate Sales Trends(1) Total Transaction Count (000s)Total Transaction Count (000s) 10-Year Treasury Sources: MSCI Real Capital Analytics, Federal Reserve * Preliminary estimate for CRE market sales Excludes STORE Capital acquisition in 1Q 2023; Realty Income merger with Spirit Realty Capital in 1Q 2024 (1) Includes sales $2.5 million and greater for multifamily, retail, office, industrial, hotel, seniors housing, data centers, and land 20042005200620072008200920102011201220132014201520162017201820192020202120222023202420251H 251H 26* 0 15 30 45 60 Market Transactions10-Year Treasury 2Q 20202Q 20212Q 20222Q 20232Q 20242Q 20252Q 2026* 0 5 10 15 20 0.0% 1.5% 3.0% 4.5% 6.0% +10% 19
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Capital Raised (Bil.) COMMERCIAL REAL ESTATE YIELD SPREADS RECENTLY TIGHTENED; PRICING STILL RECALIBRATING • Despite recent interest rate volatility, rising capital flows support probability of higher transaction flow. Continued macro factors contribute to elevated caution. • Transaction activity gaining momentum as market weighs economic uncertainty against need to deploy capital. Current values compelling against replacement cost in most segments/markets. ◦ Appropriately priced assets continued to see ample buyer demand and offer activity in 1H 2026 reflecting expanding buyer base, particularly for top-tier assets. ◦ Significant institutional capital yet to be deployed; investor allocations to real estate beginning to rise. • Economic uncertainty and slower job creation continue to fuel investor caution despite accretive interest rates and recalibration of market pricing. * Through 2Q 2026; trailing 12-months through 2Q 2026 for capital raised Cap rates for sales $1 million and greater; capital raised by U.S. funds targeting North American real estate (includes core, core-plus, value added, opportunistic, distressed, and debt) Sources: CoStar Group, Inc., MSCI Real Capital Analytics, Federal Reserve, Preqin Commercial Real Estate Capital Raising Cap Rate/10-Year Treasury Spreads Average Rate 20 20102011201220132014201520162017201820192020202120222023202420252026* 0 25 50 75 100 125 150 CRE Cap Rate 10-Year Treasury Rate 1990199219941996199820002002200420062008201020122014201620182020202220242026* 0% 2% 4% 6% 8% 10% 12%
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MMI Market Position
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87% 6%7% 88% 6%6% 63%14% 23% 70% 13% 17% MMI WELL-ALIGNED WITH THE CRE MARKET Private Client Segment Boasts Largest Transaction and Commission Pool Opportunity • Private client market typically consists of sales $1 million to <$10 million. • Largest and most active market, accounting for 80%+ of transactions. • Primarily driven by high-net worth individuals, partnerships and smaller private fund managers. • Influenced by personal drivers that result in buying/selling/ refinancing properties, as well as market conditions. Should be a major factor in increased sales activity once current market constraints begin to ease. • Market features the highest commission rates. Transactions by Investor Segment (1) Commercial Real Estate Market Marcus & Millichap Commission Pool by Investor Segment (1) (2) Commercial Real Estate Total Commission Pool Marcus & Millichap Revenue Sources: CoStar Group, Inc., Real Capital Analytics (1) Includes apartment, retail, office, and industrial sales $1 million and greater for the trailing 12-months through 2Q 2026; 2Q 2026 preliminary estimate for market total. (2) Estimate based on industry averages: 2.7% commission rate for Private Client Market, 1.7% rate for Middle Market and 0.7% for Larger Transaction Market. Private Client Market ($1M - <$10M) Middle Market ($10M - <$20M) Larger Transaction Market (≥$20M) 22
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MMI Financial Details
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TOTAL REVENUE ($ IN MILLIONS) Q2’25 vs Q2’26 $172.3 $202.9 Q2'25 Q2'26 $0 $50 $100 $150 $200 $250 17.8 % Year-to-date ‘25 vs ‘26 $317.3 $374.4 YTD '25 YTD '26 $0 $100 $200 $300 $400 $500 18.0% 24
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BROKERAGE OPERATING METRICS Q2 2025 vs Q2 2026 Total Sales Volume ($ in billions) Total Number of Transactions Average Number of Investment Sales Professionals Average Commission Per Transaction ($ in thousands) $8.0 $9.5 Q2'25 Q2'26 $0 $5 $10 $15 1,375 1,530 Q2'25 Q2'26 0 500 1,000 1,500 2,000 1,543 1,590 Q2'25 Q2'26 0 250 500 750 1,000 1,250 1,500 1,750 2,000 $102.8 $109.2 Q2'25 Q2'26 $0 $50 $100 $150 18.4% 11.3% 3.0 % 6.1% 25
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$14.7 $17.4 YTD '25 YTD '26 $0 $5 $10 $15 $20 $25 $30 BROKERAGE OPERATING METRICS YEAR-TO-DATE 2025 vs 2026 Total Number of Transactions Average Number of Investment Sales Professionals 2,550 2,878 YTD '25 YTD '26 0 1,000 2,000 3,000 4,000 1,560 1,613 YTD '25 YTD '26 0 250 500 750 1,000 1,250 1,500 1,750 2,000 $103.9 $106.0 YTD '25 YTD '26 $0 $50 $100 $150 18.5 % 12.9% 3.4 % 2.0% Total Sales Volume ($ in billions) Average Commission Per Transaction ($ in thousands) 26
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$23,029 $32,983 Q2'25 Q2'26 $0 $10,000 $20,000 $30,000 $40,000 $19,223 $21,704 Q2'25 Q2'26 $0 $10,000 $20,000 $30,000 $5,651 $6,101 Q2'25 Q2'26 $0 $1,500 $3,000 $4,500 $6,000 $7,500 BROKERAGE REVENUE BY MARKET SEGMENT Q2 2025 vs Q2 2026 Private Client Market ($1 - <$10 million) ($ in thousands) <$1 million ($ in thousands) Middle Market ($10 - <$20 million) ($ in thousands) Larger Transaction Market (≥ $20 million) ($ in thousands) $93,514 $106,214 Q2'25 Q2'26 $0 $25,000 $50,000 $75,000 $100,000 $125,000 8.0% 12.9% 13.6% 43.2% 27
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$43,032 $57,967 YTD '25 YTD '26 $0 $20,000 $40,000 $60,000 $80,000 $40,112 $41,360 YTD '25 YTD '26 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $10,676 $11,436 YTD '25 YTD '26 $0 $5,000 $10,000 $15,000 BROKERAGE REVENUE BY MARKET SEGMENT $171,219 $194,351 YTD '25 YTD '26 $0 $100,000 $200,000 $300,000 7.1% 13.5% 3.1% 34.7% YEAR-TO-DATE 2025 vs 2026 Private Client Market ($1 - <$10 million) ($ in thousands) <$1 million ($ in thousands) Middle Market ($10 - <$20 million) ($ in thousands) Larger Transaction Market (≥ $20 million) ($ in thousands) 28
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OPERATING EXPENSE ($ IN MILLIONS) Q2’25 vs Q2’26 $181.3 $200.7 $3.2 $2.3 $71.5 $71.7 $106.6 $126.7 Depreciation SG&A COS Q2'25 Q2'26 $0 $50 $100 $150 $200 $250 61.9% of Rev 41.5% of Rev 1.8% of Rev 62.4% of Rev 35.3% of Rev 1.2% of Rev Year-to-date ‘25 vs ‘26 $344.1 $377.9 $6.0 $4.7 $143.1 $142.9 $195.0 $230.3 Depreciation SG&A COS YTD '25 YTD '26 $0 $100 $200 $300 $400 61.4% of Rev 45.1% of Rev 1.9% of Rev 61.5% of Rev 38.2% of Rev 1.3% of Rev 29
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$1.5 $12.1 Q2'25 Q2'26 $— $2 $4 $6 $8 $10 $12 $14 $(11.0) $3.9 Q2'25 Q2'26 $(15) $(10) $(5) $— $5 NET INCOME (LOSS) AND ADJUSTED EBITDA PERFORMANCE Q2 2025 vs Q2 2026 Adjusted EBITDA ($ in millions) Net Income (Loss) ($ in millions) 135.4% 732.6% 30
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$(7.3) $15.1 YTD '25 YTD '26 $(10.0) $— $10.0 $20.0 $(15.5) $0.8 YTD '25 YTD '26 $(20.0) $(15.0) $(10.0) $(5.0) $— $5.0 NET INCOME (LOSS) AND ADJUSTED EBITDA PERFORMANCE YEAR-TO-DATE 2025 vs 2026 105.2% 306.8% Net Income (Loss) ($ in millions) Adjusted EBITDA ($ in millions) 31
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CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES (1) Cash flows used in operating activities were $5.4 million in 2026 compared to $31.8 million in 2025. The $26.4 million decrease in cash flows used in operating activities in 2026 compared to 2025 was primarily due to a reduction in net losses and a change in deferred compensation and commissions in the six months ended June 30, 2026 compared to the same period in 2025. The cash flows from operating activities were also affected by timing of certain cash receipts and payments. Q2 Cash Flows Provided By Operating Activities ($ in millions) $21.0 $22.2 Q2'25 Q2'26 $— $5.0 $10.0 $15.0 $20.0 $25.0 5.5% YTD Cash Flows Used In Operating Activities (1) ($ in millions) $(31.8) $(5.4) YTD '25 YTD '26 $(35.0) $(30.0) $(25.0) $(20.0) $(15.0) $(10.0) $(5.0) $— (83.1)% 32
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$398.2 $345.2 $161.9 $153.5 $236.3 $191.7 Cash and Cash EquivalentsMarketable Debt Securities, Available-For-Sale 12/31/2025 6/30/2026 $0 $100 $200 $300 $400 $500 Cash and Cash Equivalents and Marketable Debt Securities, Available-For-Sale ($ in millions) LIQUIDITY POSITION (13.3)% Liquidity position as of June 30, 2026 was $345.2 million, which includes $1.8 million in restricted cash and after a return of capital to shareholders of $35.9 million during the year. (1) 33 (1) Including the payment of $10.4 million of dividends and $25.5 million in stock repurchases.
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Appendix
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ADJUSTED EBITDA RECONCILIATION Adjusted EBITDA is defined as net income (loss) before (i) interest income and other, including interest on marketable debt securities, available-for-sale and cash, cash equivalents, and restricted cash, and net realized gains (losses) on marketable debt securities, available-for-sale, (ii) interest expense, (iii) provision (benefit) for income taxes, (iv) depreciation and amortization, and (v) stock- based compensation. We use Adjusted EBITDA in our business operations to evaluate the performance of our business, develop budgets and measure our performance against those budgets, among other things. We also believe that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate our overall operating performance. However, Adjusted EBITDA has material limitations as a supplemental metric and should not be considered in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. We find Adjusted EBITDA to be a useful management metric to assist in evaluating performance, because Adjusted EBITDA eliminates items related to capital structure, taxes and non-cash items. In light of the foregoing limitations, we do not rely solely on Adjusted EBITDA as a performance measure and also consider our U.S. GAAP results. Adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income (loss), operating income (loss) or any other measures calculated in accordance with U.S. GAAP. Because Adjusted EBITDA is not calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. (1) Other includes net realized gains (losses) on marketable debt securities available-for-sale. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) $3,909 $(11,035) $809 $(15,457) Adjustments: Interest income and other (1) (3,410) (4,373) (7,462) (8,411) Interest expense 140 200 293 387 Provision (benefit) for income taxes 2,356 7,288 3,290 (2,209) Depreciation and amortization 2,348 3,153 4,739 6,002 Stock-based compensation 6,780 6,223 13,396 12,402 Adjusted EBITDA $12,123 $1,456 $15,065 $(7,286) 35
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COMPANY OVERVIEW PLATFORM BUILT FOR MAXIMIZING INVESTOR VALUE • Marcus & Millichap Capital Corporation (“MMCC”), Research & Advisory support client dialogue, financing, strategy, and sales execution • Culture and policy of information sharing is key to maximizing investor value MANAGEMENT WITH SIGNIFICANT INVESTMENT BROKERAGE EXPERIENCE • Non-competitive management with extensive investment brokerage experience, committed to training, coaching, and supporting investment sales professionals • Culture creates a competitive advantage through agent retention and better client results WELL-POSITIONED TO EXECUTE ON STRATEGIC GROWTH PLAN • Positioned to increase Private Client Market segment share, expand presence in specialty niches/larger transaction business, and grow the MMCC division • Strong balance sheet with no debt provides financial flexibility to pursue strategic acquisitions MARKET LEADER IN THE PRIVATE CLIENT MARKET SEGMENT • Only national brokerage firm predominantly focused on servicing the Private Client Market segment which consistently accounts for 80%+ of CRE transactions in the U.S. • Private client business has been supplemented with penetration in larger transactions and institutional clients for over a decade NATIONAL PLATFORM FOCUSED ON REAL ESTATE INVESTMENT BROKERAGE • Over 50 years of experience dedicated to perfecting real estate investment brokerage • Designed to maximize real estate value, facilitate investment options by geography and property type, and create liquidity for investors 36
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ILLUSTRATIVE MMI EARNINGS MODEL Investment Sales Revenue EBITDA(2) Investment Sales Revenue Financing & Other Revenue Cost of Services SG&A(1) 1. Includes stock-based compensation 2. EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income, operating income or any other measure derived in accordance with U.S. GAAP Agents Productivity Transaction Value Commission Rate 37
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Second Quarter 2026